There is no doubt that President Donald Trump is very determined to improve more aspects of our nation’s system and economy, even months in his presidency since he hasn’t stopped with the good work and great efforts.
Considering that these remarkable results happened even though the devastating hurricanes Harvey and Irma caused a lot of damage by hitting the coastal regions of our nation.
Despite the devastation imposed as fallout of the hurricanes, there are expectations the economy to undergo a period of transition due to the fact that economic practice could rebound when rebuilding efforts being in earnest.
There were another additionally 1.6% from the consumer spending, which amounts for nearly 70% of the economy, and there was another replacement of the motor vehicles damaged by the storms.
Of course, a downsize wasn’t exception because services spending slowed to the weakest paste since 2016, but a stable job market, included inflation and low borrowing costs could be of a great help to thousands of household to maintain their spending.
According to the GDP, the business investment is continuously strengthening, which only proves that growth has a great influence on sources beyond household consumption and there is a possibility of improvement overseas as well.
Michael Feroli, the chief U.S. economist at JPMorgan Chase & Co. in New York broke down the news in a simple manner, saying, “It’s hard to confidently discern the hurricane effects in this report, but the economy seems to be on pretty solid ground,” before adding, “The details are reasonably solid. Consumers stepped down a little from the second quarter but their spending still expanded at a decent pace.”
He ended his remarks by revealing that “businesses may be getting a little more confident about the expansion, both here in the U.S. and abroad,” but stated that overall, the report most likely “gives a little more confidence to the Fed to hike rates before year-end, but I don’t think it’s a game-changer.”